Brunswick (NYSE:BC) Shares Gap Down After Analyst Downgrade

Brunswick Co. (NYSE:BC)’s stock price gapped down prior to trading on Tuesday after Citigroup lowered their price target on the stock from $92.00 to $85.00. The stock had previously closed at $70.51, but opened at $69.03. Citigroup currently has a buy rating on the stock. Brunswick shares last traded at $68.20, with a volume of 104,119 shares changing hands.

BC has been the subject of a number of other research reports. Morgan Stanley dropped their target price on Brunswick from $78.00 to $64.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 21st. B. Riley lowered Brunswick from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $95.00 to $88.00 in a research report on Tuesday, November 26th. Stifel Nicolaus cut their price target on shares of Brunswick from $95.00 to $86.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Truist Financial lowered their price objective on shares of Brunswick from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, Roth Mkm dropped their price target on Brunswick from $91.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.54.

Insider Buying and Selling at Brunswick

In related news, CEO David M. Foulkes sold 23,829 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $80.22, for a total transaction of $1,911,562.38. Following the completion of the transaction, the chief executive officer now owns 251,094 shares in the company, valued at approximately $20,142,760.68. This represents a 8.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nancy E. Cooper sold 366 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $80.19, for a total value of $29,349.54. Following the transaction, the director now directly owns 24,557 shares of the company’s stock, valued at approximately $1,969,225.83. This trade represents a 1.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Brunswick

A number of large investors have recently modified their holdings of BC. Massachusetts Financial Services Co. MA grew its stake in shares of Brunswick by 17.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,090,078 shares of the company’s stock valued at $259,010,000 after buying an additional 452,116 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Brunswick by 1,120.5% in the third quarter. Janus Henderson Group PLC now owns 354,631 shares of the company’s stock worth $29,725,000 after buying an additional 325,574 shares during the period. Lord Abbett & CO. LLC raised its holdings in Brunswick by 50.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 683,943 shares of the company’s stock valued at $57,328,000 after buying an additional 228,662 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Brunswick by 447.5% in the third quarter. New York State Common Retirement Fund now owns 271,681 shares of the company’s stock valued at $22,772,000 after acquiring an additional 222,062 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. bought a new position in shares of Brunswick during the third quarter valued at about $15,907,000. 99.34% of the stock is currently owned by institutional investors.

Brunswick Trading Down 2.7 %

The company has a market capitalization of $4.53 billion, a PE ratio of 17.07 and a beta of 1.54. The company has a quick ratio of 0.74, a current ratio of 1.97 and a debt-to-equity ratio of 1.17. The stock’s fifty day moving average price is $71.11 and its two-hundred day moving average price is $76.76.

About Brunswick

Brunswick Corporation designs, manufactures, and markets recreation products in the United States, Europe, the Asia-Pacific, Canada, and internationally. It operates through four segments: Propulsion, Engine P&A, Navico Group, and Boat. The Propulsion segment provides outboard, sterndrive, inboard engines, propulsion-related controls, rigging, and propellers for boat builders through marine retail dealers under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator, and Fliteboard brands.